7/7, 11:57 AM (Source: TeleTrader)
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Chart for: Tesla, Inc.

Barclays: Tesla stock fundamentally overvalued

Barclays said on Tuesday that it believes Tesla's stock is "fundamentally overvalued" but stressed it expects the electric carmaker's shares to continue rising.

"While we still believe Tesla is fundamentally overvalued, we see nothing to prevent the shares moving higher in the coming weeks and urge our bearish friends (perhaps emboldened by a ~$1,400stock price) to remain in the shelter of their caves," Barclays said and noted the company's current price can "only be explained by looking into future potential earnings."

On Monday, Tesla shares soared to a record-high $1,377.79 after the carmaker reported better-than-expected second-quarter deliveries and JMP Securities increased its price target for Tesla from $1,050 to $1,500.

Breaking the News / NP